Optimism Price Loses Momentum Amid Whale Activity! OP To Record 15% Correction Soon?

The post Optimism Price Loses Momentum Amid Whale Activity! OP To Record 15% Correction Soon? appeared first on Coinpedia Fintech News

The crypto industry continues to display significant price volatility in recent times. Further, top altcoins have recorded a notable correction in their respective values, highlighting a bearish influence in the market. On the other hand, the OP price has recorded a loss of over 11% within the past day.

The OP price traded in a closed range between $1.639 and $1.928 for over a week, after which the market gained momentum and the price broke out of the range. However, the rally was short-lived as the OP price faced rejection at the resistance level of $2.411.

TradingView: OP/USDT

Following this, the price traded sideways briefly, indicating neutral sentiments for the coin in the market. After multiple attempts, the OP token broke its resistance level and jumped over 45%.

The Optimism token traded sideways in a consolidated range between $2.991 and $3.50 for about a week, after which the price recorded a jump of approximately 26%.

After facing rejection at $4.155, the price has been constantly trading under a bearish influence and has experienced a correction of about 16% in its valuation.

Will OP Price Rise Back Up?

The MACD displays a rising red histogram, indicating an increase in the selling pressure in the market. Moreover, the averages show a decline in the chart, suggesting the price will continue losing value in the coming time.

If the market holds the price above the support level of $3.50, the bulls will regain power and retest their resistance level of $4.155 over the weekend. Further, if the Optimism price holds itself at that level, it will rise and test its upper resistance level of $4.5 in the coming time.

Conversely, if the bears overpowered the bulls, the price would fall and test its support level of $2.991 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $2.411.